Jul 19, 2026 – 1.37pmSydney’s Next Capital made its limited partners a motza on iseek Communications, generating four-times money in three years. Now, its dealmakers are ready to place another bet on the red-hot sector.Street Talk can reveal Next Capital’s $375 million fifth fund has agreed to acquire Tokyo-listed Fujitsu’s five Australian data centres. The sale price was not disclosed, however, Next is said to have paid just under the portfolio’s $200 million replacement value.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Japanese giant Fujitsu sells $200m Australian data centres to PE firm
Next Capital’s James Murphy began negotiating with Fujitsu late last year, and after seven months of diligence signed the deal last week.
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